Ethereum co-founder Joseph Lubin has spoken about the recent slump in the cryptocurrency market and it seems he is undeterred by it.
In a recent interview with Bloomberg Television, Lubin said that price collapses have been part-in-parcel of the “blockchain ecosystem since 2009” and as a whole, the market won’t be affected by the slump.
He further backed up his contentment by saying that “growth has been exponential” and has outweighed the price bubbles which will seem like “little pimples on a chart”.
“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart,” Lubin said during an interview on Bloomberg Television. “With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.”
Lubin was a co-founder of Ethereum which went live in July 2015. Currently, he runs ConsenSys – an organization that helps startups build on the Ethereum network. Lubin’s sentiment is that each price bubble leads to a huge amount of activity on the networks and this, in turn, rises development activity.
I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem.”
Price bubbles are apart of the ecosystem and aside from the negatives of price crashes, each bubble brings positives too. There is, of course, the potential of financial reward but another positive includes the “attention into [the] ecosystem” which attracts entrepreneurs, developers, and investors. In Lubin’s opinion, this helps in “building fundamental infrastructure” which then, creates more value overall.
So if his opinion is to be considered, recent price slumps won’t hinder the integral infrastructure of the ecosystem or slow down the adoption of blockchain technology.
At the time of writing, Ethereum price is still falling, currently, it sits at $288.52 which is a dip of 2.59% but of course, this figure is constantly changing.
Featured Image: Google Images/ The Irish Times
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